Not a great look
The Australian dollar has fallen to the lowest since September 3.
Early in the month, AUD/USD rebounded from a triple bottom near 0.6700 largely due to optimism about a US-China trade deal and better global growth.
That story hasn't really changed but the Fed wasn't as dovish as hoped, oil prices have risen and trade talks could always go off the rails.
Looking at the chart, it stalled out in the range of the 50-61.8% range of the retracement from the the July swoon. Now it's fallen for three straight days and it's right back within range of the old triple bottom.
If it's tested, I can't imaging that it will hold a fourth time.
Stability is a bit of an illusion. Right now everyone is feeling good again but we're a hiccup away from the same kind of fears we had in August.
